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Profitability Of Food Industry Companies In Poland In Terms Of Their Participation In Wig-Food

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  • FIRLEJ, KRZYSZTOF
  • KUBALA, SEBASTIAN

Abstract

The main objective of the study was to empirically verify the existence of statistically significant differences in profitability levels between food sector companies listed on the Warsaw Stock Exchange (WSE) and those not listed on the public market. The analysis focused on three profitability indicators: return on equity (ROE), return on assets (ROA), and return on sales (ROS). To compare the mean values of individual profitability indicators between the groups, analysis of variance (ANOVA) was applied. Additionally, to assess differences across all three indicators simultaneously, multivariate analysis of variance (MANOVA) was employed. The experimental group (A) comprised companies included in the WIG-Food index as of December 31, 2024, while the control group (B) consisted of 15 food sector enterprises not listed on the WSE. Financial data were obtained from the companies’ financial statements for the years 2020-2024. Empirical analyses were conducted using R-Studio software. The results indicate that stock market status is not a decisive factor for the financial performance of food enterprises in Poland. However, it was observed that companies listed in the WIG-Food index demonstrate slightly but consistently higher average profitability indicators, with distributions that are more dispersed and contain a greater number of outliers compared to companies not listed on the WSE. The findings may provide useful insights for entrepreneurs and managers in the studied groups and contribute to a new perspective on the business performance of these entities in both practical and academic contexts.

Suggested Citation

  • Firlej, Krzysztof & Kubala, Sebastian, 2025. "Profitability Of Food Industry Companies In Poland In Terms Of Their Participation In Wig-Food," Roczniki (Annals), Polish Association of Agricultural Economists and Agribusiness - Stowarzyszenie Ekonomistow Rolnictwa e Agrobiznesu (SERiA), vol. 2025(3).
    • Handle: RePEc:ags:paaero:401303
    DOI: 10.22004/ag.econ.401303
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    References listed on IDEAS

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    1. Firlej, Krzysztof & Stanuch, Marcin, 2025. "Impact Of Selected Macroeconomic Indicators On The Warsaw Stock Exchange Index – The Food Industry," Roczniki (Annals), Polish Association of Agricultural Economists and Agribusiness - Stowarzyszenie Ekonomistow Rolnictwa e Agrobiznesu (SERiA), vol. 2025(1).
    2. Anna Rutkowska-Ziarko, 2020. "Profitability Ratios in Risk Analysis," Springer Proceedings in Business and Economics, in: Krzysztof Jajuga & Hermann Locarek-Junge & Lucjan T. Orlowski & Karsten Staehr (ed.), Contemporary Trends and Challenges in Finance, pages 77-88, Springer.
    3. Firlej, Krzysztof & Kubala, Sebastian, 2025. "Profitability Of Food Industry Companies In Poland In Terms Of Their Participation In Wig-Food," Roczniki (Annals), Polish Association of Agricultural Economists and Agribusiness - Stowarzyszenie Ekonomistow Rolnictwa e Agrobiznesu (SERiA), vol. 2025(3).
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    1. Firlej, Krzysztof & Kubala, Sebastian, 2025. "Profitability Of Food Industry Companies In Poland In Terms Of Their Participation In Wig-Food," Roczniki (Annals), Polish Association of Agricultural Economists and Agribusiness - Stowarzyszenie Ekonomistow Rolnictwa e Agrobiznesu (SERiA), vol. 2025(3).

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